ATLANTA — Advisors may be able to shorten the time it takes to close on a sale by taking their time.
Todd Fithian, a wealth coach and managing partner of The Legacy Companies L.L.C., Boston, revealed how to distinguish “thinking clients” from “buying clients” — and to help buying clients feel empowered to buy — here today during a workshop at the annual meeting of the Million Dollar Round Table (MDRT), Park Ridge, Ill.
Workshop speakers addressed cutting-edge topics such as the latest developments in long term care planning, maximizing the tax efficiency of retirement income, and moving to a fee-based compensation structure without alienating clients.
Fithian addressed a classic topic: closing sales.
Fithian urged the producers at his session to “listen to learn.”
When advisors share too information with prospects during the very first meeting, prospects often feel worse than they did before the meeting, Fithian said.
Instead of providing a comprehensive overview of different products and one’s expertise, the advisor should work on easing the discomfort that prospects often feel when meeting an an advisor for the first time.
To reduce a prospect’s sense that the advisor is only interested in making a sale, an advisor should have great eye contact and repeat back what the client is saying, Fithian said.
The advisor also should write down any questions, Fithian said.